Rand firm in quiet trade, stocks inch higher

Johannesburg - The rand hardly moved against the greenback in early quiet trade on Tuesday as investors await clear leads and data releases for direction, while stocks opened a touch higher.

At 09:05 the rand had edged up 0.3% to R13.7405/$, a level last seen on October 28, according to Reuters data.

"Currency markets are moving sideways, completely uninspired by the global macro backdrop," said Rand Merchant Bank currency strategist John Cairns. "With no major direction from global markets and a complete lack of data risks, there are no huge risks on the rand today."

Although risky assets may get a slight boost from the equity market, the week is still packed with data and event risks which are squeezed towards the end of the week.

Stocks opened slightly higher with MTN Group, which is battling to reduce a hefty $5.2bn fine in Nigeria, rebounding 0.3% after the telecoms firm said the Nigerian authorities have renewed its operating licence.

The JSE Top 40 index added 0.33% to 48 497 and the broader All-share index was up 0.26% at 53 998.

After a light day on Monday, the fixed income market is expected to take its cue from the relative strength of Tuesday's weekly government auction.

Government bonds were mixed, with the benchmark paper due in 2026 unchanged at 8.345%.